The Shiba Inu Token (SHIB), is an experiment in decentralized spontaneous community building. The inspiration to make this coin came from DOGECOIN. The Shibu Inu (SHIB) Token is an ERC-20 compatible with the Ethereum network. This coin has been called Doge killer by the community. As the fame of the doge raised so does the Shibu Inu's.
Among the top 100 cryptocurrencies as per market, Shibu Inu is the top gainer of today with approx. gain of 36% sitting at $0.00002225 price per coin. Well, This would be the perfect time to buy it but one should be wary of the fact that this coin doesn't have much market reach and popularity unlike coins like Bitcoin, ethereum, etc. We have seen many pump and dump coins in the past few months that are good for short time riches but left lots of people at loss.
Shibu Inu gained 700%+ in a week
The Shibu Inu(SHIB) or the"Doge Killer" has gained over 700% in the last week. It has no fundamental underlying product, except for a massively hyped-up community and large purchase volume. The developers claim that users can hold billions or even trillions of these coins indicating the massive supply of this coin. They were also making a Shiba Swap, which hasn't been launched yet, to trade in SHIB but people are rushing to buy this coin.
Well, you can buy this coin from Uniswap Platform and can use your ethereum to buy SHIB and you would have to pay some transaction charges.
So, this copy cat currency of Doge who is intended to kill Doge, hence called "Doge killer", is doing pretty great for now. But being new nothing can be said about it. Moreover, they don't have any fundamental product based on it. So it would be interesting to see the rise of this coin. Well, more and more people are investing in it thinking it would rise like Dogecoin and they could make a hefty sum from this trade. But Only the future could tell us what would be the destiny of this coin.
Market is in gain today
Today market is in gain. Out of the top 100 cryptos, only 26 are in loss and the loss too is minimal. The top loser is Bitcoin Diamond with an 8.2% loss and the top gainer is SHIB with a 36% gain. The stable cryptos like DAI and TUSD are also at a loss of .08% and .02% respectively.
Ethereum has reached 4134 USD with a 5.29% gain.
Ethereum is now at an all-time high of 4,134 USD. It has been rising since the end of April and is one of the most loved crypto to invest in today.